State bank regulators approve 'comprehensive exam' for payments, crypto firms seeking MSB approvals

Money services businesses that operate across U.S. state lines will have access to a more streamlined approval process, according to a Tuesday statement by the Conference of State Bank Supervisors (CSBS).

Some forty-eight states are participating in the initiative, as reported by Reuters. Described as "a single comprehensive exam to satisfy all state regulatory requirements," the initiative, known as MSB Networked Supervision, will "apply to 78 of the nation’s largest payments and cryptocurrency companies that combined move more than $1 trillion a year in customer funds."

"Building on years of multistate coordination, this exam protocol will enable states to fine tune a risk-based approach to each company’s operations. When compliance issues arise, the states will be better positioned to follow up throughout the year," the organization said in a statement. 

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